cisco-annual-report-2021

CISCO SYSTEMS, INC.
Consolidated Statements of Cash Flows
(in millions)
Years Ended July 31, 2021 July 25, 2020 July 27, 2019
Cash flows from operating activities:
Net income $ 10,591 $ 11,214 $ 11,621
Adjustments to reconcile net income to net cash
provided by operating activities:
Depreciation, amortization, and other 1,862 1,808 1,897
Share-based compensation expense 1,761 1,569 1,570
Provision (benefit) for receivables (6) 93 40
Deferred income taxes (384) (38) (350)
(Gains) losses on divestitures, investments and other, net (354) (138) (24)
Change in operating assets and liabilities, net of effects
of acquisitions and divestitures:
Accounts receivable (107) (107) (84)
Inventories (244) 84 131
Financing receivables 1,577 (797) (249)
Other assets (797) 96 (955)
Accounts payable (53) 141 87
Income taxes, net (549) (322) 312
Accrued compensation 643 (78) 277
Deferred revenue 1,560 2,011 1,407
Other liabilities (46) (110) 151
Net cash provided by operating activities 15,454 15,426 15,831
Cash flows from investing activities:
Purchases of investments (9,328) (9,212) (2,416)
Proceeds from sales of investments 3,373 5,631 7,388
Proceeds from maturities of investments 8,409 7,975 12,928
Acquisitions, net of cash and cash equivalents acquired and divestitures (7,038) (327) (2,175)
Purchases of investments in privately held companies (175) (190) (148)
Return of investments in privately held companies 194 224 159
Acquisition of property and equipment (692) (770) (909)
Proceeds from sales of property and equipment 28 179 22
Other (56) (10) (12)
Net cash (used in) provided by investing activities (5,285) 3,500 14,837
Cash flows from financing activities:
Issuances of common stock 643 655 640
Repurchases of common stock - repurchase program (2,877) (2,659) (20,717)
Shares repurchased for tax withholdings on vesting
of restricted stock units (636) (727) (862)
Short-term borrowings, original maturities of 90 days or less, net (5) (3,470) 3,446
Issuances of debt — — 2,250
Repayments of debt (3,000) (6,720) (6,780)
Dividends paid (6,163) (6,016) (5,979)
Other (1) 51 113
Net cash used in financing activities (12,039) (18,886) (27,889)
Net increase (decrease) in cash, cash equivalents, and restricted cash (1,870) 40 2,779
Cash, cash equivalents, and restricted cash, beginning of fiscal year 11,812 11,772 8,993
Cash, cash equivalents, and restricted cash, end of fiscal year $ 9,942 $ 11,812 $ 11,772
Supplemental cash flow information:
Cash paid for interest $ 438 $ 603 $ 892
Cash paid for income taxes, net $ 3,604 $ 3,116 $ 2,986
See Notes to Consolidated Financial Statements
59